Ms. Brown is an attorney who collects a retainer fee from all of her new clients. At the beginning of the year, the Unearned Retainer Fee account had a balance of $24,000. Ms. Brown collected additional retainer fees totaling $94,000 from her clients during the year. Her year-end Balance Sheet reports a $16,000 balance in the Unearned Retainer Fee account. How much of the retainer fees were earned by Ms. Brown during the year?

 

The balance in the ________________ account is the amount owed to the company by its customers.

A residual claim of owners having certain preferences relative to other owners' claims is called __________________.

Which of the following would cause the accounting equation to be out of balance?

At the beginning of the year, XYZ Company reported Accounts Receivable of $39,000. During the year, the company had credit sales totaling $288,000. At year end, the Accounts Receivable balance was $8,000 higher than the beginning balance. How much cash was collected on the accounts during the year?

A trial balance prepared at the end of the accounting period after adjusting entries are made is called a/an _________________.

A company reported its annual balance sheet. Total current liabilities = A units Total long-term liabilities = B units. Total common stock = C units Retained earnings = D units Other stockholder equity of E units What is the total assets of the company from the given data?

A good of Rs. 8000 was sold for Rs. 9200. Depreciation provision to date was Rs. 400; and commission paid to selling agent was Rs. 300. There were two workers that were paid wages for removing the machine which was Rs. 45 per worker. What is the net profit from the sale of good?

Cost of the printing press: 60000 dollars Cumulated depreciation of the printing press 15000 dollars Assume that the printing press depreciates at 10% per annum What could be the total year end adjustment that would need to be done due to depreciation? (in dollars)

J is a service based company . J Bought a piece of real estate for 2000$ to set up their offices, the asset has an appreciation of 4% per annum .If the company pays 1%  extra as tax every year for the piece of real estate,What will be the value recorded for the asset on its financial statement after a period of two years?

You are a seller selling some kind of product. At the end of the accounting year, you are left with some closing stock. What will you do to show it in the final accounts?